Becoming a financial wellbeing ‘all-rounder’
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Becoming a financial wellbeing ‘all-rounder’
Financial wellbeing is closely aligned with the control people have over their financial future. People with high levels tend to meet their long-term financial goals and have a clear idea about what makes them happy and what they want from life. This allows them to identify and achieve more meaningful life goals before and during retirement.
Balancing mind and money
People with a financial adviser are over four times more likely to display high levels of financial wellbeing, a new study1 has determined.
Based on a survey of 10,466 UK residents, the study highlighted that the key to building financial wellbeing is to have both ‘mindset’ and ‘money’ building blocks. Those with the best financial wellbeing scores did well on both fronts.
Are you an ‘all-rounder’?
Respondents with the best possible combination of scores were classified as ‘all-rounders’, with this group financially comfortable and enjoying life now while also planning for their future happiness. Such people are equipped to achieve the perfect balance between understanding the importance of both money and mindset.
Wellbeing and advice aligned
Unsurprisingly, the data highlighted that people who seek professional financial advice are far more likely to fit into the ‘all-rounder’ category, when compared with those who do not. Only 10% of those who had never received financial advice were lucky enough to combine a positive money mindset with healthy finances, compared to 44% of those who have an ongoing relationship with their adviser.
1Aegon, 2021
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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